The media company said it remains committed to the $82.7 billion deal it reached in December to sell its streaming service, studio and HBO cable channel to Netflix.

Paramount Skydance on Thursday staunchly defended its revised $77.9 billion bid to take over Warner Bros. Discovery after the company again rejected its offer in favor of Netflix.

Warner Bros. Discovery's board again urged shareholders to reject Paramount Skydance's offer, calling it inferior to Netflix's bid

The Warner Bros. Discovery board has unanimously voted to rebuff Paramount’s $108.4 billion offer and urged shareholders to reject the hostile takeover bid. The board is continuing to support Netflix’s pending $82.7 billion purchase of its streaming and movie studios businesses along with a separate spinoff of the Warner Bros. cable TV division.

Film and TV producer David Ellison acquired control of Paramount in August. He’s put reinvigorating brands like MTV and CBS News among his priorities. If he finds a strategic partner for MTV the strategy could serve as a template for other Paramount businesses.

Some investors are beginning to worry that the same industry pressures leading to Versant’s trading woes will plague the value of the Netflix bid.